HomeMy WebLinkAbout6377 - ADMIN Resolution - City Council - 1979/10/02October 2, 1979
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RESOLUTION NO. 6377
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $4,000,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1979 AND AUTHORIZING
ADVERTISEMENT FOR BIDS
WHEREAS, pursuant to resolutions heretofore adopted by the City
Council ordering the following described public improvements, contracts
have been entered into for construction thereof as authorized by Section
429.011 to 429.111, Minnesota Statutes, and said improvements have been
completed and accepted by the City and at least 20% of the costs of said
projects have either been assessed or will be assessed against benefited
properties, or computed and determined for assessment prior to October 10,
1979, the number and nature and status of each improvement and the esti-
mated total assessable cost or the amount of assessed and assessable cost
being in each case as follows:
Construction Projects Completed - Improvement
Costs Assessed in Prior Years
Improvement Amount of
Numbers Nature of Improvement Assessment
70-02 Watermain $ 21,197
72-21 Bridge 16,951
72-33, 73-17 Sidewalk 11,637
74-02 Paving 12,000
74-22 Storm Sewer 68,914
76-25, 77-01, 02, 04, 28 Paving, Curb and Gutter 507,757
77-36 Watermain 27,971
77-49, 51 Paving, Curb and Gutter 21,100
78-29 Watermain 5,903
Total Assessed Costs -
Prior Years $ 693,430
Construction Projects Completed or in Progress -
Improvement Costs Assessed in 1979
Improvement Amount of
Numbers Nature of Improvement Assessment
73-26 Watermain $ 32,801
73-27 Sanitary Sewer 102,419
76-08, 34; 77-11A&B Paving, Curb and Gutter 1,269,401
77-38 Street Lighting 79,117
77-58 Paving, Curb and Gutter 55,826
77-61 Traffic signals 39,223
77-63 Street Lighting 31,239
77-67 Storm Sewer 11,550
78-01/02 Paving, Curb and Gutter 392,812
78-03 Alley Paving 16,995
78-06 Paving, Curb and Gutter 7,030
78-08 Street Lighting 36,997
78-21 Paving, Curb and Gutter 15,295
78-24 Sanitary Sewer - Lift Station 32,376
78-33 Alley Paving 18,846
78-37 Curb and Gutter 21,712
78-51 Water Service 3,876
Total Assessed Costs - 1979 $2,167,515
Grand Total of Assessed Construction Costs 2,860,945
WHEREAS, pursuant to resolutions heretofore adopted by the City Coun-
cil the following described improvements have been completed or are in the
process of being completed and at least 207, of the costs of said projects
have been assessed or will be assessed against benefited properties for
each project and financing has been completed except for the share of said
projects to be paid by special assessments levied against City owned prop-
erty or such portion of the costs of the improvements as the City Council
has determined to be paid from general ad valorem tax levies as the City's
share of said projects and said improvement costs and the amount necessary
to finance the City's share of said costs are as follows:
Construction Projects Completed or in Progress and City's
Share of Improvement Costs to be Financed by 1979 Bond Proceeds
Improvement
Numbers Nature of Improvement Amount
64-22A, 71-15, 73-24, Paving, Curb, Gutter,
74-02, 74-26, 76-08, Street Construction,
76-25, 77-01, 77-02, Sidewalk, and Bridge
77-11A&B, 77-19,20,21,27,33;
77-50/51, 78-01,02,06,21
70-02 Watermain
74-22 Storm Sewer
Total City's Share of Costs
$1,160,000
10,000
80,000
$1.250,000
and
WHEREAS, it is necessary that the City borrow the sum of $3,960,000
to finance construction of the aforedescribed improvements, and the issu-
ance of general obligation improvement bonds is authorized by Chapters
429 and 475 of the Minnesota Statutes and Section 6.15 of the Home Rule
Charter of the City of St. Louis Park,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
St. Louis Park as follows:
1. It is hereby determined that it is necessary to sell bonds to
provide funds for the purpose of financing the aforedescribed public im-
provements and that the sum of $3,960,000 is necessary to defray the ex-
penses of said projects.
2. It is further determined that the amount of $3,960,000 should be
supplemented by the issuance of additional bonds as authorized by Minne-
sota Statutes Section 475.56 and that the City shall sell and issue
$4,000,000 of General Obligation Improvement Bonds of 1979 with $40,000
of said bonds being considered as additional interest. The sa]e resolu"
tion selling these bonds shall contain a statement indicating that the
bonds of this series sold in the amount of $3,960,000 shall be the sum
considered necessary to finance public improvements and further determin-
ing that the City is selling additional bonds to represent the higher rate
of interest as authorized by Minnesota Statutes, and that such additional
bonds in the amount of $40,000 does not exceed two percent (2%) of the
amount otherwise authorized. That bids submitted to purchase bonds in the
total amount of $4,000,000 shall be at a price of not less than $3,960,000
and that all amounts received by the Treasurer in excess of $3,960,000
shall be credited to a sinking fund for the payment of interest on these
obligations.
3. That the City Clerk is hereby directed to cause notice of sale to
be given by publication, at least ten days in advance of the sale, in the
official newspaper, the St. Louis Park Sun, a regular newspaper having gen-
eral circulation in the City of St. Louis Park, and in Commercial West, a
financial paper published at Minneapolis, Minnesota, with general circula-
tion throughout the State of Minnesota, and in the Bond Buyer, a financial
newspaper published in New York City, New York, which notice shall recite
that the City of St. Louis park proposes to issue and sell its bonds in de-
nominations of $5,000 or such higher denominations as requested by the suc-
cessful bidder within 48 hours after sale of bonds, shall be numbered con-
secutively commencing with number 1, shall be dated November 1, 1979, to
bear interest payable on November 1, 1980, and semiannually thereafter on
the 1st day of May and November in each year, maturing serially on Novem-
ber 1 in years and amounts as follows:
1980 $250,000 1988 $250,000
1981 250,000 1989 250,000
1982 250,000 1990 300,000
1983 250,000 1991 300,000
1984 250,000 1992 300,000
1985 250,000 1993 300,000
1986 250,000 1994 300,000
1987 250,000
All bonds maturing after November 1, 1990 shall be subject to redemption
in inverse numerical order, on said date and any interest payment date
thereafter at par and accrued interest.
Said notice shall recite that the City, within 40 days from date of
sale, will furnish the printed bonds and approving legal opinion of Messrs.
LeFevere, Lefler, Pearson, O'Brien and Drawz, 1100 First National Bank
Building, Minneapolis, Minnesota, both without cost to the purchaser and
that the bonds will be made payable at any suitable bank or trust company
designated by the successful bidder subject to the approval of the City;
all bids to be accompanied by a good faith check in the amount of at least
$80,000 to be forfeited as liquidated damages in the event the bid is ac-
cepted by the City and the bidder fails to comply therewith; that no bid
of less than $3,960,000 will be accepted; the Council reserves the right
to reject any and all bids, to waive informalities, and to adjourn the
sale if deemed expedient.
4. That on the 31st day of October, 1979, at 1:00 o'clock P.M. (C.T.)
at a special meeting of the City Council, the Council will open and consid-
er sealed bids for award and sale of said $4,000,000 improvement bonds and
take such other action in respect thereto as may be found necessary or ex-
pedient.
5. The Mayor, City Clerk and City Manager are hereby authorized and
directed to review the official statement prepared to advertise the sale
of these bonds and to certify that they have examined the official state-
ment or prospectus prepared and circulated in connection with the issuance
and sale of the bonds and that to the best of their knowledge and belief
said statement is a complete and accurate representation of the facts and
representations made therein as of the date of said official statement or
prospectus.
Adopted by the City Council October 2, 1979.
Attest:
C.-7C1-1Asti.-2-1---
ity Clerk
Reviewed for administration:
Approved as to form and legality:
Manager/ CityBettorney